https://www.taxtmi.com/caselaws?id=435300 Approval of a resolution plan under the Insolvency and Bankruptcy Code does not by itself terminate pending cheque-dishonour proceedings under Section 138 of the Negotiable Instruments Act. The moratorium applies only during the CIRP, and the binding effect of a resolution plan under Section 31 does not amount to compounding or extinguishment of the penal case against natural persons. Section 32A was treated as protecting the corporate debtor after resolution, but not as wiping out the separate personal penal liability of a director or signatory who was in charge of the company. The proceedings may continue against such persons under Sections 138 and 141 notwithstanding resolution of the corporate debtor. en-us Wed, 15 Mar 2023 00:00:00 +0530 Tue, 24 Dec 2024 16:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=435300 Approval of a resolution plan under the Insolvency and Bankruptcy Code does not by itself terminate pending cheque-dishonour proceedings under Section 138 of the Negotiable Instruments Act. The moratorium applies only during the CIRP, and the binding effect of a resolution plan under Section 31 does not amount to compounding or extinguishment of the penal case against natural persons. Section 32A was treated as protecting the corporate debtor after resolution, but not as wiping out the separate personal penal liability of a director or signatory who was in charge of the company. The proceedings may continue against such persons under Sections 138 and 141 notwithstanding resolution of the corporate debtor. Case-Laws Indian Laws Wed, 15 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=435300